JPMorgan's Frankfurt offices raided as part of 'cum-ex' tax probe - Bloomberg News


Aug 31 (Reuters) - JPMorgan Chase & Co's JPM.N Frankfurt offices are being raided by German authorities as part of their vast probe into "cum-ex" transactions, Bloomberg News reported on Wednesday.

"We can confirm that our Frankfurt offices were visited this week. We continue to cooperate with the German authorities on their ongoing investigation," a JPMorgan spokesperson told Reuters in an emailed statement.

A spokesman for Cologne prosecutors confirmed to Bloomberg a raid was taking place in Frankfurt but declined to identify the target. (

The cum-ex scandal is Germany's biggest post-war fraud involving a share-trading scheme that the authorities say cost taxpayers billions of euros. A large number of banks were involved in the cum-ex deals, with raids being conducted on the German branches of Barclays BARC.L and the investment bank Merrill Lynch in the last few months.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru: Editing by Krishna Chandra Eluri)


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